The Civil Law Limits Property Rights

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According to political and journalistic rhetoric, the United States rely on a market economy that allocates financial resources. Thus, the forces of supply and demand, generally unaffected by government intervention, are perceived as determining the quantities, qualities and prices of goods and services produced in the domestic economy. The origins of this belief probably relapse into two distinctive features of the US economy, the development of private ownership of capital, combined with a relatively small business, public sector and the absence of a strong centralized economic planning. However, this common belief is a myth long.

Through the civil law and regulation, state and local governments and the federal government substantially
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First of all, every economic sector that was subject to economic regulation before 1975, has undergone significant changes in the nature and extent of regulation. These changes had profound effects on the structure of industries, price levels, costs and productivity. The industries in which changes occurred in economic regulations are the carriers, heavy transport, public transport, railways, telecommunications, production and transportation of natural gas, cable television, banking and financial services , electricity and property insurance and liability. These industries vary in structure, behavior, nature of regulation, and distribution of responsibilities between federal and state regulatory authorities. There are also wide variations in the major reasons, causes, and consequences of regulatory changes in these industries.

The airlines and trucking industry were the clearest almost total price and entry regulation cases. Until 1977 the air fares and route structures were severely regulated by the Civil Aeronautics Board (CAB) and similarly heavy transport was regulated by the Interstate Commerce Commission (ICC). Often, authorizing that competitors offer their services on specific routes, but price competition was impeded by price regulation based on average costs across the industry. Theoretical research on regulations in these industries, conducted in the
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